Alberta Securities Commission settles Softlab market manipulation case with Alnoor Nathoo, imposes CAD 105,000 payment and eight-year bans

The Alberta Securities Commission entered into a settlement agreement and undertaking with Alnoor Fatehali Nathoo for manipulating shares of Softlab9 Software Solutions Inc. and breaching insider reporting requirements. Nathoo agreed to pay CAD 105,000, including CAD 20,000 in costs, and accept eight-year trading, market participation and leadership bans. Nathoo admitted coordinating trades with others between February and November 2020 to create a false or misleading appearance of activity and an artificial price for Softlab shares. He used accounts in his own name and an account belonging to his spouse, over which he had control and beneficial ownership, to conduct uptick trading and bid support. As a Softlab director, he also failed to report shares acquired from another director in November 2019 and shares acquired through his spouse’s account. Nathoo must resign any director or officer positions at reporting issuers. For eight years, he is prohibited from acting as a director or officer, conducting investor relations activities, participating in capital markets in a management capacity, and trading or purchasing securities or derivatives, subject to limited exceptions. Proceedings against the remaining respondent continue.